ISLAMABAD: Pakistan is going to increase the levy on petroleum products, the country’s finance chief told the local media on Saturday, days after the government jacked up oil prices to a record high.
The government on Thursday increased the price of petrol by Rs8.03 to Rs145.82, of high-speed diesel by Rs8.14 to Rs142.62 per liter, of kerosene oil by Rs6.27 to Rs116.53 and of light diesel oil by Rs5.72 to Rs114.07 per liter.
The planned increase in the petroleum development levy would come on the recommendation of the International Monetary Fund (IMF), the prime minister’s adviser on finance Shaukat Tarin told the local broadcaster Geo News.
“The International Monetary Fund has also asked to increase the petroleum development levy but it will depend on the global prices of petroleum products,” he said.
“We have to increase levy by some percentage ... when and how we will increase, it all depends on the oil prices. If there is dip in oil prices, it will be easier for us to increase levy.”
The planned increase is likely to result in further hikes of petroleum prices, for which Prime Minister Imran Khan is already facing criticism.
On Friday, Khan defended his government’s decision to increase petroleum prices saying the rates in Pakistan were still the lowest in the oil importing world.
“India is selling one liter of petrol for Rs250 while Bangladesh is doing that for Rs200,” he said during a public rally in Attock. “Pakistan is selling it for Rs146. If we count out the oil producing nations, Pakistan is offering diesel and petrol at the cheapest rates in all the oil importing countries.”
Days after oil price hike, Pakistan to increase petroleum levy — finance chief
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Days after oil price hike, Pakistan to increase petroleum levy — finance chief
- Last week, the government jacked up petroleum prices by up to Rs8.14 per liter of high-speed diesel
- Shaukat Tarin says the planned increase in the petroleum development recommended by IMF
Pakistan’s finmin discusses energy, tax reforms with senior World Bank official
- Pakistan has vowed to broaden its tax base, reform energy sector and privatize loss-making state-owned entities
- Pakistan’s finance minister is in Washington to attend spring meetings by the International Monetary Fund, World Bank
KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb underlined the government’s resolve to carry out reforms in the energy and tax sectors in his meeting with a senior World Bank official this week, the finance ministry said on Saturday, as Islamabad grapples with an economic crisis amid surging inflation and low foreign exchange reserves.
Reeling from a macroeconomic crisis, Pakistan has assured international financial institutions and bilateral partners it would take concrete measures to broaden its tax base, carry out reforms in the energy sector and overhaul loss-making state-owned enterprises (SOEs).
Aurangzeb has been in Washington since last week to participate in spring meetings organized by the IMF and World Bank. His tour is an important one for the South Asian country as Pakistan’s ongoing nine-month, $3 billion loan program with the International Monetary Fund designed to tackle its balance-of-payments crisis, expires this month.
Aurangzeb met Martin Raiser, the World Bank’s regional vice president for South Asia, on Friday to discuss the government’s economic reforms.
“Underlined the reform thrust of the government in the areas of energy, tax reforms and SOEs,” the finance ministry said. “Informed that government was pursuing short and long-term goals in these sectors.”
Aurangzeb said the World Bank’s focus on climate change, digitalization and human development aligns with Islamabad’s priorities, highlighting the government’s vision to realize the country’s true potential for economic growth.
“Agreed on the need for reforms in the agriculture sector, water management and waste-water treatment,” the ministry said.
Aurangzeb met World Bank’s President Ajay Banga on Tuesday during which he spoke about the government’s reforms in tax and energy sectors and highlighted Pakistan’s progress on privatization of government entities.
In an interview on Monday, the Pakistani finance minister had said Islamabad would seek a fresh three-year IMF program, adding that the government plans to continue with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.
In a separate statement, the finance ministry said Aurangzeb met China’s Finance Minister Lan Fo’an on Friday. During the exchange, the Pakistani finance chief thanked his Chinese counterpart for Beijing’s regular rollovers which helped plug Pakistan’s external financing gaps.
“Informed that Pakistan was entering into a larger and extended program with IMF and looked forward to the support of China,” the ministry said, adding that he highlighted the government’s economic reforms in various sectors during his meeting with the Chinese official.
Pakistan to train 1 million youth annually to export skilled human resource to Gulf countries
- Islamabad is planning to roll out a new education policy next month, with a focus on vocational training and out-of-school children
- Educationists, however, say the real challenge for the government is to ensure implementation of the policy, focus on teacher training
ISLAMABAD: Pakistan’s government is working on a new education policy to impart technical skills to one million youth annually to export trained human resource to Saudi Arabia and other Gulf countries, an official said on Friday.
The cash-strapped South Asian nation of 241 million has been working on a holistic national education policy to cover technical training for the youth by enrolling over 2.5 million out-of-school children.
The Special Investment Facilitation Council (SIFC), a federal body led by Prime Minister Shehbaz Sharif to attract investment from foreign and domestic sources, has given specific targets to the education ministry to finalize a comprehensive policy to improve the education sector.
“This new policy aims to impart vocational training to at least one million youth per annum to export skilled workforce to Saudi Arabia and other Gulf countries,” Rana Mujtaba, a spokesperson for the Pakistani ministry of education and professional training, told Arab News.
“It will be rolled out in May.”
There are around 9 million overseas Pakistanis living and working in different countries, including 2.8 million in Saudi Arabia, who remit around $30 billion back home annually to support the country’s fragile economy.
“Majority of our overseas workforce is unskilled labor. Therefore, the government is now focusing on enhancing vocational capacity of the youth,” Mujtaba said.
In the National Education Policy 2017-2025, Pakistan aimed to raise its literacy rate from the existing 60 percent to 90 percent by 2025, narrow down the gender gaps, reduce rural and urban imbalance, improve quality of education, promote technical and vocational education with skill development programs, and ensure good governance. But all this has yet to be achieved.
Mujtaba said Pakistan’s vocational training institutes already had a “strong affiliation” with Saudi Arabia, where all training certificates were accepted.
“The SIFC that is chaired by the PM has given a general direction to the ministry to work on a new education policy to improve the sector’s performance,” he said.
The spokesperson dispelled the notion that the education ministry was working on the new education policy without taking provincial governments on-board, since education has primarily been a provincial subject in the South Asian country.
“The federal government is in fact supporting the provinces in improving the education sector. All provincial ministers and education secretaries are on-board as the federal ministry has sought inputs from all of them,” he said.
“This will be a holistic policy that will also address the issue of out-of-school children, improving the higher education’s standards, domestic and foreign scholarships for the students.”
Educationists and public policy experts said the government had already devised numerous policies and produced documents to improve the education sector, but it would lack in implementation of these plans.
“The silver lining in the new policy is that the government is for the first time focusing on out-of-school children, but there needs to be an effective mechanism in place with clear timelines to address this issue,” Taimur Bandey, an educationist, told Arab News.
“The government needs to allocate its resources for teachers training and upgrade libraries and laboratories in the institutions to improve the education standards.”
Pakistani PM orders authorities to expedite anti-smuggling operations amid economic crisis
- PM Sharif chairs high-level meeting to review progress on countrywide anti-smuggling measures
- Orders effective monitoring of the Afghan transit trade, action against smugglers and hoarders
ISLAMABAD: Prime Minister Shehbaz Sharif ordered law enforcement agencies to expedite Pakistan’s nationwide anti-smuggling campaign, state-run media reported this week, as Islamabad tries to navigate a tricky path to economic recovery.
Pakistan’s caretaker administration announced a countrywide crackdown against smuggling and black marketing in September 2023 as the South Asian country reeled from an economic crisis that has seen its foreign exchange reserves plummet, currency devaluate sharply and inflation rise to record highs.
PM Sharif’s government has vowed to continue the country’s anti-smuggling operations to ensure Pakistan makes steady economic progress.
“Prime Minister Muhammad Shehbaz Sharif has directed the law enforcement agencies to expedite the countrywide anti-smuggling campaign,” the state-run Radio Pakistan reported on Friday. It said the development took place during a high-level meeting chaired by Sharif in Islamabad on Friday to review the anti-smuggling operations in the country.
In October last year, Pakistan imposed a 10 percent processing fee on several items imported from Afghanistan under a transit trade agreement to stop the illegal entry of goods from the country. In the meeting on Friday, Sharif ordered authorities to ensure effective monitoring of the Afghan transit trade items to prevent their smuggling.
“He directed the customs authorities to conduct a third-party audit of the system that monitors Afghan transit trade,” state-run media said.
Authorities told Sharif during the meeting that a list of smugglers, hoarders and their facilitators has been prepared and provided to law enforcement agencies and provinces.
The Pakistani prime minister appreciated law enforcement agencies for taking effective action against smuggling and ordered authorities to enhance cooperation to crack down on the illegal activities.
Pakistan urges climate change collaboration with UAE after record rains hit Gulf nation
- The storm first hit Oman over the weekend, before pounding the UAE on Tuesday with its heaviest rains in 75 years
- PM Shehbaz Sharif telephoned the UAE president, called for collective actions after rains kill over 70 people in Pakistan
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Friday telephoned United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al-Nahyan and urged collaboration between the two countries to tackle impacts of climate change, Pakistani state media reported, days record-breaking rains hit the Gulf nation.
The United Arab Emirates was still grappling on Friday with the aftermath of a record-breaking storm this week, with the main road connecting Dubai, the most populous emirate, with Abu Dhabi partially closed for traffic.
The storm first hit Oman over the weekend, killing at least 20 people, before pounding the UAE on Tuesday with its heaviest rains in 75 years of records. Scientists blame increasingly common extreme weather events, such as the rains in UAE and Oman, on human-led global warming.
During the telephonic conversation, Sharif lauded the UAE president for his “outstanding leadership qualities” and strong commitment to ensure the welfare of the Emirati people, the state-run APP news agency reported.
“The prime minister said that Pakistan had also witnessed heavy rains in recent days, resulting in loss of many precious lives,” the report read.
“He called for collective actions to combat the challenge of climate change and suggested that both countries strengthen their collaboration in the field.”
Pakistan has been prone to natural disasters and consistently ranks among one of the most adversely affected countries due to the effects of climate change. Torrential rains have killed more than 70 people in the South Asian country this month, according to authorities.
The UAE president appreciated the prime minister’s good wishes and reciprocated the warm sentiments for the people affected from rains and flooding in Pakistan, according to the APP report.
“Both leaders reaffirmed their commitment to enhance bilateral cooperation in multifaceted areas,” it added.
Over 600 IT firms, 100 foreigners attend ITCN tech conference in Lahore
- The three-day exhibition is set to fetch nearly $500 million investment from a dozen countries
- The companies participating in the expo include Microsoft, Inbox, Lenovo, HP, NetSol and Dell
ISLAMABAD: More than 600 IT companies, 55,000 participants, and around a hundred foreign delegates are attending an ongoing 24th edition of the Information Technology Commerce Network (ITCN) Asia Conference in the eastern Pakistani city of Lahore, Pakistani state media reported on Friday, citing officials.
The main sessions at the three-day tech event include the Artificial Intelligence Summit, Global Security Symposium, Gaming and Scholars Roundtable, Investor Summit, Freelancer Summit, Made in Pakistan Roundtable Conference.
State Minister for Information Technology and Telecommunication Shaza Fatima Khawaja said the objective of the event was to highlight the expertise and products of Pakistan’s IT sector at the international level.
“Sixty eight percent of Pakistan’s population consists of young people and IT is a field that has a lot of opportunities available for them,” she told Radio Pakistan broadcaster. “The government’s vision is to bring as much skill training as possible for the youth in the IT sector.”
Khawaja said the government would provide cheap loans to the IT sector so that freelancers could thrive.
“The government has started the Industry Academia Bridge Program under which IT students in universities can collaborate with the private sector to get practical training while studying and secure their jobs,” she added.
Speaking on the opening day of the event at Lahore’s Expo Center on Friday, Khawaja said it was an honor for Pakistan to be a founding partner of the Digital Cooperation Organization, a global multilateral body launched in November 2020 to help enable digital prosperity for all, and a testimony to the country’s readiness to be one of the leading stakeholders in the global IT ecosystem.
“Pakistan’s digital progress and its position as a global stakeholder is underscored by its vibrant youth as Pakistan produces 10,000 IT graduates every year,” she said.
“Together we will make Pakistan an IT hub as IT is the key toward growth of all sectors.”
A delegation of international investors belonging to 12 different countries is participating in the event that is expected to attract around $500 million investment, according to Pakistani state media.
Renowned international and national technology companies, including Microsoft, Inbox, Red Hat, TP-Link, Lenovo, HP, NetSol, Abacus and Dell, are participating in the three-day exhibition.
The event is being jointly supported by the Pakistani Ministry of Information Technology and Telecommunication, Pakistan Telecommunication Authority, Special Investment Facilitation Council (SIFC), Pakistan Software Export Board and Pakistan Software Houses Association.
